FINANCIAL SUPPORT FOR OUR MEMBERS
April 01, 2020
V.P. Credit Union would like to remind its membership that we stand ready to assist you with whatever financial challenges come your way during the COVID-19 health crisis. Listed below is a summary of the financial support that is currently available.
Loan or Mortgage Payment Deferrals
Any members experiencing challenging financial circumstances and require assistance in the form of a loan or mortgage payment deferral are encouraged to email their request to [email protected]. Please provide as much detail as you can and keep us updated periodically on your situation. We are reviewing all requests on a case by case basis as each of our member’s needs are unique. We are committed to working with our members to find creative solutions to provide them with peace of mind. As the COVID-19 situation continues to evolve, so will our action plan to assist our members.
We would also like to advise members that have, or are planning to request a loan or mortgage deferral, that interest continues to accrue on the respective loans and mortgages. When the scheduled repayment resumes, the majority of each payment will consist primarily of interest until all the accrued interest is brought up to date. Depending on the length of the deferral, the loan or mortgage payment may consist primarily of interest for a number of months. VPCU will not require members to “catch up” on their missed principal portion of their loan payments. Instead, members will have a larger outstanding principal balance at the time of renewal. Should members wish to “catch up” on their missed principal payments, they may do so and they may contact VPCU’s lending department for more information on the exact amounts.
At this time, there has been no indication from the various levels of government on whether or not there will be interest relief provided for those with loans or mortgages. We remain in close contact with government officials and will update our members accordingly in due course. Furthermore, we have received a number of questions in regards to our members’ credit ratings in the event they obtained a deferral. Please note that your credit rating will not be affected in the event you have obtained a loan deferral.
Should you or your family be negatively impacted financially as a result of the COVID-19 situation, please contact our lending department by phone 778-945-9448 or by email at [email protected]. VPCU is ready to help our members navigate through this challenging time. Please advise us of your situation and we will do our utmost to accommodate accordingly.
If you have any questions please send them to [email protected] or call 778-945-9448.